Swatch Group reported 2025 net sales of CHF 6,280 million, down 5.9% at current exchange rates. After adjusting for currency movements, sales were down 1.3%. The gap reflects CHF 308 million in negative currency effects. Sales improved as the year progressed, but full-year revenue and profit both remained below 2024.
How much did Swatch Group revenue fall in 2025?
The Swatch Group Ltd reported net sales of CHF 6,280 million for 2025, compared with CHF 6,735 million in 2024. The 2025 year-on-year decline was 5.9% at current exchange rates and 1.3% at constant exchange rates, according to the company’s 30 January 2026 results announcement.
These percentages describe different comparisons. The current-rate figure reflects sales translated at the exchange rates applicable in each period; the constant-rate figure adjusts for exchange-rate changes to better show the underlying sales movement. Swatch Group reported CHF 308 million in negative currency effects, making the reported decline substantially larger than the constant-rate decline.
Comparisons also account for the Rivoli Group eyewear business, transferred at the end of 2024 to a new company in which Swatch Group retains a minority stake. The company’s year-on-year sales comparisons exclude that transferred business unless otherwise stated.
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Did sales recover during the year?
Yes, the trend improved markedly in the second half, although the recovery did not lift full-year sales into growth.
| Period | Sales movement | Basis and context |
|---|---|---|
| First half of 2025 | CHF 3,059 million; down 7.1% | Constant exchange rates, comparable basis; the company said the decline was exclusively attributable to China, including Hong Kong SAR and Macau SAR. |
| Second half of 2025 | Up 4.7% | Constant exchange rates. |
| Fourth quarter of 2025 | Up 7.2% | Worldwide and across all price segments, according to the company’s 30 January 2026 announcement. |
The full-year result was still a decline, but it was less severe than the prior year. In 2024, net sales fell 14.6% at current exchange rates and 12.2% at constant exchange rates. The 2025 constant-rate result also shifted from a first-half decline to second-half growth.
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What happened to profit?
Profit fell more sharply than revenue. Operating profit declined to CHF 135 million from CHF 304 million in 2024, and net profit fell to CHF 25 million from CHF 219 million. The operating margin was 2.1%, versus 4.5% a year earlier; the net margin was 0.4%, versus 3.3%.
Results differed substantially across the group’s activities. Watches & Jewelry excluding Production reported CHF 549 million in operating profit and a 9.5% operating margin. The Production segment recorded a strongly negative operating result.
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Management attributed Production’s result to a deliberate decision to maintain production capacity and jobs without using compensation for reduced working hours. That is the company’s explanation for the result; the figures in the release do not independently establish the costs and benefits of the decision.
What do cash flow and liquidity show?
Operating cash flow was CHF 507 million, up 52.3% year over year. Net liquidity was CHF 1,195 million, down from CHF 1,376 million. These figures provide additional financial context, but they do not change the reported declines in sales and profit.
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What did Swatch Group say about 2026?
In its 30 January 2026 results announcement, Swatch Group expected substantial growth in 2026 across price segments. The company pointed to second-half momentum and said it had continued in January. This was management’s outlook issued with the results, not a verified account of 2026 performance.
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